Poshmark, Inc. Named to Fortune's 2022 Change the World List for Promoting Sustainable Style

Rhea-AI Summary

Poshmark, Inc. (Nasdaq: POSH) has been recognized in Fortune’s 2022 Change the World list for its commitment to sustainability and the circular economy. The platform has helped keep over 200 million items in circulation, reflecting a growing interest in secondhand goods. In 2021, Poshmark’s gross merchandise value increased by 27% to $1.8 billion. The company’s Reposh feature has seen significant uptake, with 4.5 million listings relisted, marking a 57% increase year-over-year.

Positive

• Recognized in Fortune's 2022 Change the World list for sustainability.
• Gross merchandise value increased by 27% to $1.8 billion in 2021.
• Reposh feature has facilitated 4.5 million relisted items, a 57% year-over-year growth.

Negative

• None.

REDWOOD CITY, Calif., Oct. 13, 2022 (GLOBE NEWSWIRE) -- Poshmark, Inc. (Nasdaq: POSH), a leading social marketplace for new and secondhand style, today announced it has been named to Fortune’s 2022 Change the World list for promoting sustainability and helping to keep items in circulation and out of landfills.

“Poshmark has empowered millions of people to establish their own businesses through selling secondhand. Our impact is a direct result of our community of sellers, and how they are making the fashion system more connected, circular, and sustainable,” said Manish Chandra, Founder and CEO of Poshmark. “By providing an all-in-one platform to simplify the secondhand shopping experience, Poshmark makes it easy, simple and fun to participate in the circular economy.”

As a leading social marketplace for secondhand goods, Poshmark has kept more than 200 million items in circulation across the categories of apparel, pets, home, electronics and more, all while serving as a source of income for millions of independent sellers. In 2021, Poshmark’s gross merchandise value increased 27% to $1.8 billion, pointing to the increased interest in buying and selling secondhand goods, particularly among millennial and Gen Z audiences.

To further extend the lifespan of items, Poshmark introduced the Reposh feature in 2020, which allows users to efficiently relist an item purchased on Poshmark. Since unveiling the feature, sellers have Reposhed 4.5 million listings, and the number of items Reposhed since launch has increased 57% on a year-over-year basis.

The Change the World list recognizes companies that have had a positive social impact through activities that are part of their core business strategy. Fortune asses nominees on the following factors:   

1. Measurable social impact: The reach, nature, and durability of the company’s impact on one or more specific societal problems.

2. Business results: The benefit the socially impactful work brings to the company. Profitability and contribution to shareholder value outweigh benefits to the company’s reputation.

3. Degree of innovation: How innovative the company’s effort is relative to that of others in its industry and whether other companies have followed its example or partnered with it.

Each year, FORTUNE recognizes companies that have made a measurable impact on some of the most pressing social and environmental issues globally. To view the entire list, please visit: https://fortune.com/change-the-world/.

About Poshmark, Inc.
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, pets, home, and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of ecommerce, Poshmark makes buying and selling simple, social, and sustainable. Its community of more than 80 million registered users across the U.S., Canada, Australia and India, is driving the future of commerce while promoting more sustainable consumption. For more information, please visit www.poshmark.com, and for company news and announcements, please visit investors.poshmark.com. You can also find Poshmark on Instagram, Facebook, Twitter, TikTok, Pinterest, YouTube, and Snapchat.

Media Contact
pr@poshmark.com

Investor Contact
ir@poshmark.com

FAQ

What recognition did Poshmark receive in 2022?

Poshmark was named to Fortune’s 2022 Change the World list for its sustainability efforts.

How much did Poshmark's gross merchandise value increase in 2021?

Poshmark's gross merchandise value increased by 27% to $1.8 billion in 2021.

What is the Reposh feature on Poshmark?

The Reposh feature allows users to relist items they purchased on Poshmark, with 4.5 million listings relisted since its launch.

How many items has Poshmark kept in circulation?

Poshmark has kept over 200 million items in circulation across various categories.